Chinese President Xi Jinping has emphasized the importance of developing the real economy while addressing the fifth National Financial Work Conference.

The high-profile meeting of regulators and policymakers took place on Friday and Saturday in Beijing.

Xi said financial work should serve China's economic and social development, noting that the financial system must be optimized. Regulators must also strengthen supervision and enhance capabilities to prevent and sort out financial risks, he said.

The president also noted that the market should always play a decisive role in the distribution of financial resources.

The country’s top financial regulators gathered at the two-day event to discuss and formulate policies for China's financial sector.

The meeting is staged every five years to set the tone for China's financial policies and reform in coming years, with the aim of preventing financial risks and strengthening financial regulation and coordination.